Puerto Rico brings in restructuring lawyers

Puerto Rico has hired restructuring lawyers from Cleary Gottlieb Steen & Hamilton, prompting speculation that the commonwealth is about to revamp its $70B of debt. Puerto Rico wouldn't be drawn on what the law firm's specific role would be.

Cleary has represented a who's who of debt-laden countries, including Greece, Iceland and Argentina.

News of the hiring comes after Puerto Rico raised $3.5B in high-yield municipal bonds last month.